bitcoin SV (BSV), a fork of the bitcoin token, has attracted a lot of attention in the last day after major US exchange Coinbase announced the end of support for the asset. Following this news, the price of BSV has been affected, falling by more than 5% in the last 24 hours.
Coinbase ends support for bitcoin SV
In an X post on February 3, Coinbase shared that it had officially withdrawn support for BSV on its platform. This announcement follows a previous post in December when the exchange first communicated its intentions to delist BSV.
According to Coinbase, all BSV remaining in customer wallets have been liquidated and replaced with the equivalent market value of another asset. However, the exchange states that certain wallets may not receive any compensation assets due to the transaction costs associated with the liquidation and replacement process.
As a reminder, all BSV funds in your Coinbase account have been settled and converted to the equivalent market value of another supported digital asset and credited back to your account, less transaction costs.
– Coinbase Assets (@CoinbaseAssets) February 3, 2024
So far, Coinbase has not provided any official reason behind its decision to remove BSV from its coin offerings. However, it is worth noting that bitcoin SV has been quite a controversial asset since its creation in 2018.
In particular, the BSV blockchain network has been the subject of multiple 51% attacks in the past due to its rather “centralized” structure, which is a source of concern for many exchanges. Apart from Coinbase, other major exchanges that have delisted bitcoin SV include Binance, Kraken, Bittrex, Robinhood, etc.
Additionally, the token's founder, Craig Wright, has continually come under fire for claiming to be the anonymous inventor of bitcoin: Satoshi Nakamoto. In 2022, Wright bitcoin-copyright-uk-craig-wright-pay-516k/” target=”_blank” rel=”nofollow”>submitted to obtain bitcoin copyright and block bitcoin and bitcoin Cash network operations alleging intellectual property violation. However, the court rejected this request given overwhelming evidence against the plaintiff.
bitcoin SV Price Overview
At the time of writing, BSV is trading at $72.65 with a price loss of 5.61% on the last day but a gain of 0.10% on the weekly chart. Despite an impressive end to 2023 that saw it gain almost 110% in the last week of the year, the bitcoin hardfork is now down 15.20% in the last 30 days.
Meanwhile, the token's daily trading volume is barely positive, having gained 7.54% to reach a value of $90.39 million. With a total market capitalization of $1.43 billion, bitcoin SV ranks as the 52nd largest cryptocurrency in the world.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-SV-BSV-Price-Falls-After-Coinbase-Delisting" alt="bitcoin SV” width=”1479″ height=”893″ loading=”lazy”/>
BSV trading at $72.03 on the daily chart| Source: BSVUSDT chart on Tradingview.com
Featured image by iStockphoto, chart by TradingView
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